as a manager, colin realizes that there is no single formula for making easy decisions. in reality, business decisions he has to make involve uncertainty and risk. this describes the ______ model of decision making.
What is the descriptive model of decision making?
Answer:
The statement provided describes the descriptive model of decision making. The descriptive model focuses on how decisions are actually made in real-world situations, rather than prescribing how decisions should be made. It recognizes that decision making is a complex process influenced by various factors, including uncertainty and risk.
In the business context, managers often face situations where there is no clear-cut or straightforward solution. They have to analyze the available information, consider different options, and assess the potential risks and uncertainties before making a decision. The descriptive model acknowledges that decision making involves evaluating multiple factors, weighing trade-offs, and tolerating a certain degree of ambiguity.
The descriptive model does not provide a single formula or step-by-step guideline for decision making. Instead, it aims to understand and explain the cognitive processes, biases, and heuristics that individuals and organizations employ when making decisions. This model takes into account factors such as personal experiences, cognitive biases, intuition, and the influence of social and organizational contexts on decision making.
By recognizing the descriptive model of decision making, Colin understands that decision making is a complex process that requires considering uncertain and risky factors. This awareness can help him approach decision making more realistically and effectively, taking into account the complexities and uncertainties inherent in business decisions.